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Tuesday, August 9, 2011

Wall Street Train Wreck

Obamagedddon: "Debt Man Walking"

And Barack Hussein Obama came on the air yesterday to blame the GOP and the Tea Party Movement. Pfffft.

From this column by Dana Milbank (Of all people!):

...The economy crawls, the credit rating falls, the markets plunge, and a helicopter packed with U.S. special forces goes down in Afghanistan. Two thirds of Americans say the country is on the wrong track (and that was before the market swooned), Obama’s approval rating is 43 percent, and activists on his own side are calling him weak.

Yet Obama plods along, raising gobs of cash for his reelection bid — he was scheduled to speak at two DNC fundraisers Monday night — and varying little the words he reads from the teleprompter. He seemed detached even from those words Monday as he pivoted his head from side to side, proclaiming that “our problems is not confidence in our credit” and turning his bipartisan fiscal commission into a “biparticle.”

He reminded all that the situation isn’t his fault (the need for deficit reduction “was true the day I took office”), he blamed the other side (“we knew . . . a debate where the threat of default was used as a bargaining chip could do enormous damage to our economy”) and he revisited the same proposals he had previously offered to little effect: extending unemployment benefits and the payroll tax cut, and spending more on infrastructure projects.

This, he said, is “something we can do as soon as Congress gets back,” along with further deficit reduction. “I intend to present my own recommendations over the coming weeks,” he said.

Over the coming weeks? As soon as Congress gets back?

In the White House briefing room after Obama’s statement, the press corps grilled Jay Carney about the lack of fire in the belly.

“The president said our problems are imminently solvable, and he talked about a renewed sense of urgency,” CBS’s Norah O’Donnell pointed out. “Why not call Congress back to work?”

Carney chuckled at this suggestion.

“I mean, the Dow dropped below 11,000 — where’s the sense of urgency?” O’Donnell persisted....
Read the entire essay HERE.

OUCH!

Obama's dead-looking eyes and general lack of affect in his speech yesterday indicate to me that he finally realizes that he's out of his depth and, even worse in his own eyes, has the very real possibility of losing in November 2012.

32 comments:

  1. It is NEVER EVER EVER Obama's fault, is it?

    Were my children to continuously blame one another and never accept responsibility for what they do I would punish them! But, Obama knows he can do what he does with impunity!

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  2. I love that picture.

    100 years of progressive profligacy, but its all the fault of a group who just came on the scene three years ago... Yeah...

    That might fly with the msnbc fever swamp loonies, but the vast majority of thinking people are just not that stupid.

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  3. “I intend to present my own recommendations over the coming weeks,”

    What about presenting something in the preceding weeks? He's an idiot.

    It is a great pic

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  4. Love Chucks comment....didn't he say he had something in the Back room he was going to share with the press? The only good thing about this, is that this should just about finish him, but then, it may finish us in the process.

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  5. Obama talks, the Dow drops. If only the election were now--not only because he'd be sure to lose, but I can't help but think things are going to get worse before we have new leadership.

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  6. I'm not interested in new leadership. I'm interested in the right leadership.

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  7. Isn't it amazing that Obama's approval rating is that high.

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  8. Still want to know why people were buying treasuries like mad if they were worried about the downgrade.

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  9. Duck,
    Give us your theory as to why all the buying of our treasury bonds.

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  10. Germany:

    Germany on Tuesday called on all members of the 17-nation eurozone to amend their constitutions "as quickly as possible" to require a balanced budget in a bid to avoid a repeat of the bloc's sovereign debt crisis.

    The European Union should also set up a new institution to monitor the member states' competitiveness, keeping budgets and fiscal policies in check, German Vice Chancellor Philipp Roesler said.

    Roesler, who also serves as the economy minister, says the new body, dubbed stability council, must have the power to act if member states fail to meet certain criteria, ensuring "that their competitiveness will again be reached." ...


    The German version of the Tea Party Movement?

    Whatever.

    In any case, the above information makes Obama look like a real dolt with what he said yesterday when he tried to demonize the Right for trying to rein in government spending.

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  11. Silverfiddle,
    I'm not sure what I found the graphic.

    Maybe a Bob Mack's blog, maybe at THE ASTUTE BLOGGERS.

    THE ASTUTE BLOGGERS has this page of graphics to grab.

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  12. When someone like Dana Milkbank starts pulling the rug out from under Obama, you have know his party is over. That is very interesting about Germany. Thanks for the info.Is Ducky erious that he doesn't know why there is a rush to US Bonds?

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  13. Well AOW, I think it was panic. Real herd mentality yesterday and it corrected 425+ points today.

    Why Treasuries and not cash? Don't know but it is an indicator that Treasuries are still seen as the repository of last resort.

    Other possible havens like the Swiss Franc can't handle that influx.

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  14. That might fly with the msnbc fever swamp loonies, but the vast majority of thinking people are just not that stupid.

    ------------

    The vast majority of sheep sold into a 650 point decline yesterday and missed today's recovery.

    Nerves of steel, Silverfiddle. Be careful out there.

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  15. No matter what, Obama will NEVER take the blame because he firmly believes he is beyond making mistakes.

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  16. Duck,
    Playing the stock market is speculation -- to a great extent, anyway.

    BTW, I didn't sell any of the few stocks that Mr. AOW and I hold. When I invested, I said to myself, "This is for the long haul."

    I also see the flight to gold as part of the panic mentality. Sure, diversity one's portfolio. But having been through the quick rise of the price of gold and silver in the 80s-90s (Mr. AOW and I were in the coin business), I've seen how volatile that market can be.

    I wouldn't buy gold at these prices. Silver? I'd buy cautiously and watch bid and ask very carefully.

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  17. Today's recovery on Wall Street isn't reliable either. Volatility, volatility, volatility.

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  18. Obama was in over his head as soon as he said, "I do solemnly swear..."

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  19. "And Barack Hussein Obama came on the air yesterday to blame the GOP and the Tea Party Movement."

    If he didn't know that it would look really stupid, he'd blame it on the full moon and the stone masons too.

    "Obama's dead-looking eyes and general lack of affect in his speech yesterday indicate to me that he finally realizes that he's out of his depth...."

    No way, a leftist accept that they are out of their depth, clueless, incompetent and a waste of space? It'll never happen, our very own incompetent baboon has been screwing everything up since she weaseled into office and not once has she admitted making a mistake.

    obama will never admit that he screwed up, you all can be unemployed, penniless and starving, every last one of you and he won't admit it. The only way you can get through to his thick, arrogant brain is when you remove him from office and it no longer matters whether he gets it or not.

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  20. "The vast majority of sheep sold into a 650 point decline yesterday and missed today's recovery."

    That was no recovery. That was pure unadulterated Keynesian manipulation is what that was.

    For the uninitiated:

    Keynesian manipulation is when the Federal Reserve, who has a Congressional mandate to use it's government provided power only on price stability and employment stability, makes an idiotic announcement (as was done yesterday) that implies the economy is going to be in bad shape for two more years, in a knee jerk misguided effort to cause an artificial stock price bubble.

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  21. To further illustrate this point, consider that the markets this morning.

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  22. Libs like Milbank might write unflattering pieces about Obama, but come election time they'll vote for the same policies again.

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  23. Soapster,
    I do agree with you.

    However, it remains to be seen in yesterday's rise in the stock market was an artificial stock price bubble. It does seem so today as the market has tanked and yesterday's gains have been wiped out.

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  24. Cube,
    Libs like Milbank might write unflattering pieces about Obama, but come election time they'll vote for the same policies again.

    Yes, they will perseverate -- until something that personally affects them gobsmacks them.

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  25. Soapster,
    the Federal Reserve, who has a Congressional mandate to use it's government provided power only on price stability and employment stability, makes an idiotic announcement (as was done yesterday) that implies the economy is going to be in bad shape for two more years

    Yesterday, many were praising the Fed and not paying one bit of attention to that two-year portion -- let alone to Keynesian Economics.

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  26. That's exactly my point AOW. The bearded one gave his little pep talk and the market took off yesterday and you're right they were praising the bearded one. It was a blip; a short lived gain that has been eroded today at the same time gold keeps rising.

    Glad I got out of the market in 2006.

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  27. Soapster,
    I saw the price of gold. Wow! I never thought that I'd see gold soar that far into the stratosphere.

    Losses today on Wall Street were devastating -- if one sold, of course.

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  28. Soapster,
    The price of gold is prohibitive for many buyers. So, silver might well be the better investment -- physical merchandise, that is. Sometimes it's wise to make sure that the silver physical merchandise has at least some added numismatic value. But face value is good too.

    Almost everyone can afford to buy 40% silver coins -- half dollars from 1965 -1969.

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  29. Linked: http://www.donttreadonus.info/2011/08/top-40-harry-reid-edition.html

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